Catella purchases €33m German development

Catella Residential Investment Management (CRIM) has acquired a development of 100 apartments and a supermarket in Braunschweig in German state Lower Saxony, as well as a senior living property in Dresden for €30 million ($33 million).

The acquisition in Braunschweig is part of a 20,000-square-meter (215,278-square-foot) new city quarter development on the Berliner Straße / Kurzekampstraße, about 3.5 kilometers (2.1 miles) northeast of the old center.

The turnkey project consists of three buildings, which will accommodate classic liberalized rental market multi-room apartments and also space-optimized two-room homes, as well as 27 social housing units. All the properties will be fitted-out with high-quality interiors and appliances. A leading organic supermarket chain will occupy 750 square meters (8,072 square feet) of the ground floor.

Berlin-based CRIM acquired the Braunschweig project for just under €22 million ($24 million) under a separate mandate fo